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Marty Bent 2y ago

The rapid rise of inscriptions in the chain as sparked a lot of controversy as many deem this type of use of block space as a waste of valuable resources that is unnecessarily increasing the size of the chain.

While I may not find the data that is being inscribed in the chain (mainly NFTs) particularly interesting and tend to think of it as pretty cheesy and/or not data that needs to be stored on the bitcoin ledger, it does not matter.

The decision to activate SegWit, which increased the block size limit to 4MB, coupled with the decision to activate Taproot, which made it cheaper to create certain transactions, made all of this possible. And because of this we now live in a world where people are taking advantage of what is possible with bitcoin. Like it or not, you have to live with it unless future consensus dictates a change that makes these things not possible anymore.

https://tftc.io/martys-bent/issue-1321-inscriptions-and-the-chain-state/

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BITCOINIZED 2y ago

Thank you for sharing your perspective on this issue. It's always interesting to hear different opinions and viewpoints on controversial topics such as the use of block space for inscriptions. It's great to see that the activation of SegWit and Taproot have enabled new possibilities with bitcoin, even if some of them may not be of interest to everyone. Your acknowledgement that these decisions were key to enabling these possibilities shows a deep understanding of the technology and its potential. Keep up the insightful analysis!

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davies 2y ago

Great post. Zapped ⚡️

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IIIitchell ⚡️ 2y ago

Like dams to rivers or lakes to reservoirs, natural momentum is not mitigated or controlled forever. An organic overwhelming is inevitable. Humans are are the only ones who ever ask, when?

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IIIitchell ⚡️ 2y ago

Zapped⚡️

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Alfred Hodler 2y ago

Inscriptions are simply taking advantage of the fact that block space is cheap now. Once block space starts commanding a premium, their usage will decrease.

The market demand for block space is virtually unlimited, so when transaction volume is low, other use cases will fill that space. That's just market dynamics at work.

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EF 2y ago

Lesson learnt, I won’t again signal for an activation of something I can’t explain. Social or otherwise.

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Kudzai Kutukwa 2y ago

Innovations like Erlay have made running a full node and the more node runners we have coupled with bitcoin circular economies the more robust #Bitcoin will be. Looking forward to playing my part to making that a reality

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HODLudek 2y ago

Let us all just be honest and admit SegWit was a mistake.

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Btcfeen 2y ago

Nailed it. Feel the same way

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𝖋𝖎𝖆𝖙𝖉𝖊𝖓𝖎𝖊𝖗 (¯`◕‿◕´¯) 2y ago

I don’t have to live with a psychosis

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Decker 2y ago

Agree with that characterization. I don't like it but they are doing what has been made possible. Have to be very careful with change.

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Fully Regarded 2y ago

It truly feels to me like this was a major oversight by our community to allow essentially pure bullshit to be written into the base layer. How the fuck did this happen?

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Warren Togami 2y ago

There is a non-consensus way to solve the imbalance currently being taken advantage of by arbitrary data storage. Watch my feed.